Security Federal Corporation announced its election to redeem all outstanding 5.25% Fixed-to-Floating Rate Subordinated Notes due 2029. The aggregate principal amount of these 10-Year Notes is $16,500,000.
The redemption date for these notes is set for November 22, 2024. Each note will be redeemed at 100% of its principal amount, plus any accrued and unpaid interest up to, but excluding, the redemption date.
This action signifies a proactive approach to capital management, reducing the company's long-term debt burden. Interest on the 10-Year Notes will cease to accrue on and after the redemption date.
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